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of <h1>Insolvency and Bankruptcy Board of India Amends Information Utilities Regulations: New Rules for Board Composition and Director Qualifications.</h1> The Insolvency and Bankruptcy Board of India issued the Second Amendment Regulations, 2018, to amend the Information Utilities Regulations, 2017. Key changes include the definition of the Board, the composition of the Governing Board, and the role and qualifications of independent directors and the managing director. The Governing Board must have a majority of Indian citizens, and independent directors must have expertise in relevant fields and no financial ties to the utility. The managing director's appointment is subject to guidelines, with a maximum age limit and term duration. Compliance with these regulations is required within one year of commencement.
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